Bobby Cayre to pay record price for Soho retail property

New York /
Dec.December 18, 2013 10:11 AM

Retail real estate investor Bobby Cayre’s planned $42 million acquisition in Soho would be the highest price per square foot ever paid for Soho retail. The 2,750-square-foot ground floor retail space at Soho’s 114 Prince Street would set him back a record $15,336 per square foot.

The property was sold on behalf of an Irish family by Eastdil Secured duo Adam Spies and Douglas Harmon, the New York Post reported. The current tenant, women’s clothier Karen Millen, will vacate the building by April, sources told the newspaper, and Cayre’s Aurora Capital Associates will hunt for a tenant willing to pay about $1,200 per square foot, the Post said.

The previous record was $15,100 per foot, for the 24,800-square-foot St. Regis Hotel New York, according to the Post. Swiss concern Richemont North America nabbed the retail condominium for $380 million last year. [NYP, 2nd item]  – Hiten Samtani


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
The Printing House at 421 Hudson Street. (Compass, Getty)
Printing House condo board sues commercial owner for unpaid common charges
Printing House condo board sues commercial owner for unpaid common charges
Leasing activity is heating up for vacant storefronts that could fill up with restaurants and shops related to health, pets and home delivery (iStock)
Stores seeking bargains as NYC retail eyes rebound
Stores seeking bargains as NYC retail eyes rebound
(iStock)
The real story of real estate’s loss to street vendors
The real story of real estate’s loss to street vendors
Donald Trump and Alex Adjmi (Photos via Getty; GOSO NYC)
Real estate investor Alex Adjmi receives presidential pardon
Real estate investor Alex Adjmi receives presidential pardon
Clockwise from left: 475 Clermont Avenue, 5200 1st Avenue and 445 Albee Square West in Brooklyn (Google Maps; StreetEasy)
Here are Brooklyn’s top retail leases of 2020
Here are Brooklyn’s top retail leases of 2020
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...